We all know that life can be unpredictable, and sometimes that means being blindsided by an unexpected event. While it’s always nice to be surprised by something pleasant, surprises that are unwelcome can leave us feeling unprepared and frazzled. That’s why it’s important to make sure you and your loved ones are financially secure, so you can rest easy knowing you’re prepared for whatever life might throw your way. The LIC Jeevan Lakshya policy is an insurance plan that provides coverage and financial support for you and your family against all risks linked to your life. Uncertainties in life can crop up at any moment, So Buy LIC Jeevan Lakshya Plan LIC Jeevan Lakshya Plan Online Purchase for the benefit of having an insurance policy to protect your loved ones.
We at LIC provide complete safety and protection to your family by introducing LIC Jeevan Lakshya Plan which provides both investment cum insurance benefits. Jeevan Lakshya Policy of LIC provides for Annual Income benefit that may help to fulfil the needs of the family, primarily for the benefit of children, in case of unfortunate death of Policyholder any time before maturity and a lump sum amount at the time of maturity irrespective of survival of the Policyholder.
Jeevan Lakshya Policy of LIC is a regular premium paying plan LIC Jeevan Lakshya, which is not related to any share market, it is a traditional conventional profit plan with all the benefits like Insurance cover, Accidental & Permanent disability rider, Savings, Tax-benefits under section 80C, Tax free Maturity and Death claim amount, Loan, Surrender option etc..
|Minimum age||18 years (Completed)|
|Maximum age||50 years|
|Maximum maturity age||65 years|
|Policy Term||13 years to 25years|
|Premium paying term||Policy term -3years|
|Minimum Sum Assured||Rs.1,00,000|
|Maximum Sum Assured||No limit|
|Premium payment mode||Yearly / Half yearly / Quarterly / Monthly (ECS)|
|Loan||Eligible after 2 years|
|Surrender||Eligible after 2 years|
|On Death||(i) Sum Assured (If chosen, Term Rider option)
(ii) 10% of Sum Assured is paid every year till maturity of the policy term
(iii) Future premiums are waived till maturity
(iv) Sum Assured + Bonus is paid on the stipulated policy term
|On Maturity||Sum Assured + Bonus + Final additional bonus|
|Income Tax Benefits||(i) Premiums paid are eligible for Tax rebate u/s 80c
(ii) Maturity amount/Death claim is Non-taxable u/s 10(10d)
When the death of the policyholder occurs before end of policy term, then the nominee will receive:
i. 10% of the Basic Sum Assured as an Annual Income Benefit from the next policy anniversary date to the policy anniversary date one year before the Maturity Date.
ii. A sum equivalent to 110% of the Sum Assured payable on maturity date.
iii. Simple Reversionary Bonus which has accumulated throughout the policy term payable on the Maturity Date
iv. Final Addition Bonus if declared by LIC payable on the Maturity Date
As the maturity benefit of your plan, if the policy holder has paid all the premiums promptly, he/she will receive a lump sum cash value equaling the sum assured, simple reversionary benefit plus bonus upon the maturity of the policy.
In the event that the policy is surrendered after a minimum of three years with all premiums paid on time, the policyholder can avail the guaranteed surrender value. The guaranteed surrender value is determined by adding up all the premiums paid up to that date.
A loan can be obtained by the policyholder once the full premium amount has been paid for a period of at least two years, and the policy has attained a surrender value.
Being a participant in the policy, as a policyholder, you are eligible to receive profits from the insurance company. This eligibility entitles you to receive the Simple Reversionary Bonus and Final Additional Bonus, as declared by LIC. These bonuses will be paid to you either upon policy maturity or as the death benefit.
Tax benefits are applicable to all premiums paid on LIC Jeevan Lakshya policies LIC Tax Saving Plans under Sec. 80C of the Income Tax Act. Furthermore, the policyholder’s maturity amount is tax-free under Sec. 10D of the Income Tax Act.
If the unfortunate event of a policyholder’s death occurs:
i. According to the terms & conditions of the policy, LIC will pay out 10% of basic sum assured as annual income benefit on each anniversary date.
ii. At maturity, the assured amount equivalent of 110% of basic sum assured is paid on the policy anniversary
iii. Simple Reversionary Bonuses and Final Additional bonuses are also included in the death benefit.
iv. If the policy holder avails the New Term Assurance rider by paying an additional premium; a sum equivalent of the sum assured of the term assurance rider will be paid to the beneficiary.
i. Benefit for Accidental Death and Disabilities
In accordance with the Accidental Death and Disability Rider Benefit, the beneficiary of the policy receives a one-time payment that is equivalent to the accidental rider benefit sum assured in the event of the insured person’s accidental death. The death benefit provided by the base plan is in addition to this sum.
The rider benefit sum assured is paid out over a ten-year period in equal monthly installments in the event of accidental disability. Moreover, all charges previously paid or to be paid in the future are postponed off.
ii. New Term Assurance Rider
The LIC New Term Assurance Rider can be selected when the policy is initiated. With this rider, the beneficiary will receive an additional term assurance sum assured amount in the unfortunate event of the policyholder’s demise during the policy tenure.
This rider option is available for a policy duration of 35 years or until the policyholder reaches 75 years of age, whichever comes first.
i. Final Addition Bonus
The Final Addition Bonus is a bonus that is paid out upon the maturity or death of the policy.
ii. Simple Reversionary Bonus
In the event that you choose to surrender the policy during the policy period, a portion of the accrued bonus will be paid to you.
|Buying LIC Policy Online with LICNewPolicyOnline.com||Buying A Policy Offline visiting LIC branch or through an agent|
|Address Proof||Aadhar Zip File||Address Proof||Aadhar|
|ID Proof||ID Proof||Pan Card or Aadhar|
|Age Proof||Age Proof||Aadhar / Driving License|
|Income Proof||IT Returns of last 2 years|
|Buying Online Policy with LICNewPolicyOnline.com|
|Buying A Policy Offline visiting LIC branch or through an agent|
|ID Proof||Pan Card or Aadhar|
|Age Proof||Aadhar / Driving License|
|Income Proof||IT Returns of last 2 years|
1. What is the maturity amount of LIC Jeevan Lakshya?
Maturity amount under Jeevan Lakshya LIC Jeevan Lakshya Benefits consists of Sum assured + Vested bonus + final additional bonus
2. What is the policy term in LIC Jeevan Lakshya?
Policy term available in Jeevan Lakshya is between 13 to 25 years
3. What is Term Rider in LIC Jeevan Lakshya?
Term rider Rider Benefits in Jeevan Lakshya is an additional Sum assured taken as a rider
4. Can I surrender my Jeevan Lakshya policy?
Certainly, you have the option to surrender the policy after a period of two years from the policy's commencement date.
LIC policyholders enjoy a sovereign guarantee on the sum assured and the bonus declared as per section 37 of LIC Act, 1956 which clearly states that "Policies to be guaranteed by Central Government - The sum assured by all policies issued by the corporation including any bonuses declared in respect thereof and, subject to the provisions contained in section 14 the amounts assured by all policies issued by any insurer the liabilities under which have vested in the corporation under this act, and all bonuses declared in respect thereof, whether before or after the appointed day, shall be guaranteed as to payment in cash by the Central Government."